Hi,
I didn't receive the $600 dollar stimulus payment because it was direct deposited to the wrong bank account. I hear that a new stimulus payment may be coming, and I want to change my bank account information so I receive this payment. I've looked at the IRS website, but couldn't find how to do that. Where do I go to change my bank account info?
?
The IRS does not allow people to simply "update" their bank information because it would open the door to potential fraud. Anyone that got their hands on a few pieces of your personal information could just go to the IRS website and redirect your tax refunds and stimulus checks to their own accounts.
This is why the IRS will use the bank account info from your most recent tax return and not give you an option to change it. So your best bet is to file your 2020 tax return as soon as you have all the required paperwork and cross your fingers and hope it gets processed before they start sending out additional stimulus money - IF and WHEN congress actually passes another stimulus plan.
Make sure that you use a bank account you intend to keep open. Also don't use tax software or tax preparers that offer to deduct their fees from your refund. They do this by creating an account at a partner bank and directing your refund to that account first (so they can deduct their fees and transfer the remaining funds to your account). This means the account that the IRS has on file for you will be that temporary account at the partner bank, and you're at the mercy of that bank to hope they receive your stimulus money and forward it to you in a timely manner. This may be what happened with your previous stimulus money.
Anonymous
The only way I'm aware that you can currently change your bank info is to overpay your taxes, file your tax return and request a refund be directed deposited to the new account.
Anonymous
The IRS website. But it might be down right now. And they will snail mail the $600.
New one has not been finalized and will be MARCH.
Wayne Z
As of now, there is no option to do that.
There may be an option to do that in the future IF another stimulus payment is to be paid but, as of now, it is only "if".